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BUSINESS & FINANCE

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Morgan Stanley agreed to pay $5 million to settle allegations by a Massachusetts regulator that one of its highest-profile investment bankers tried to "improperly influence" research analysts days before Facebook went public in May.

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The Treasury plans in 2013 to sell off its shares in about two thirds of the banks remaining in its portfolio that took bailout funds.

WORLD-WIDE

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Obama softened his stance on tax rates in fiscal cliff talks. In a meeting with Boehner, the president proposed letting Bush-era tax rates expire for households making over $400,000, backing away from his long-standing threshold of $250,000. Obama lowered the amount of tax revenue he is seeking from $1.4 trillion to $1.2 trillion and agreed to accept a GOP plan to slow Social Security growth.